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OnDeck Small Business Online Lending Tops US$10 Billion

by OnDeck Australia,   Sep 17, 2018


SYDNEY, September 17, 2018


  • Record volume by a non-bank online small business lending platform.
  • OnDeck is the world’s largest non-bank online small business lending platform.
  • Federal Reserve says small businesses are turning to online lenders in record numbers.


OnDeck® (NYSE: ONDK), has announced it has achieved a milestone in the Financial Technology (FinTech) industry, becoming the first non-bank online lender to surpass US$10 billion in total loans originated to small businesses. OnDeck, with operations in the United States, Canada and Australia, is the world’s largest non-bank online lender to small business by total loan volume.


Founded in 2015, OnDeck Australia is a subsidiary of OnDeck (ONDK).


The achievement by OnDeck, a pioneer of the FinTech lending industry, is the latest indication that small businesses increasingly prefer to seek financing online. According to the Small Business Credit Survey from the Federal Reserve, small business owners are turning to online lenders in record numbers. In 2017, 24 percent of small businesses seeking credit applied online, up from 21 percent the previous year. Not only did the total number of loan applications to online lenders increase in 2017, but satisfaction rates of small businesses soared almost 50 percent year-over-year.1


OnDeck provided its first small business loan online in 2007, taking just 11 years to pass US$10 billion in total loan volume in a digital lending market it helped create. The majority of OnDeck’s lending occurred in the last few years as it gained scale, with the company originating US$2.1 billion of loans in 2017 alone.


“If reaching US$10 billion dollars in total loan volume online tells us anything, it’s that the days of old-fashioned lending to small businesses are numbered,” said Noah Breslow, Chairman and Chief Executive Officer, OnDeck. “We created OnDeck because we believed the Internet could revolutionize and speed up the way underserved small businesses access capital.  Today, we are helping to fill a credit gap across hundreds of industries by providing fast, secure and transparent loans that enable small businesses to grow, generate economic activity and create jobs.  We look forward to providing billions more in financing and powering the small business lending migration to the online model via our OnDeck-as-a-Service platform.”


Small businesses are the economic backbone of America, accounting for more than 99% of all U.S. companies1 and employing over half of all private sector workers2. However, they still face a growing credit gap.  According to the Federal Reserve survey, 54% of small businesses report credit shortfalls3 and lower-income communities are disproportionately impacted.  Traditional large banks deny 44% of all small business loan applications3 and many are steadily exiting the small business credit market. Since 2008, small business lending from traditional sources has fallen over 20%4.


Identifying that credit gap over a decade ago, OnDeck transformed the means by which small businesses access capital, using proprietary technology and a small business credit scoring system, the OnDeck Score®, to more efficiently evaluate a business’ creditworthiness and make lending decisions in real time. OnDeck provides term loans and lines of credit to small businesses and can supply customers with funding in as little as one business day. The economic impact of this online lending activity is substantial.  Immediate infusions of capital enable small businesses to purchase inventory, cover operational costs and expand without delay, which can stimulate economic growth and help create jobs in their communities.


OnDeck and the Impact of Online Lending on the Economy

  • An Analysis Group report commissioned by OnDeck in 2015 analyzed the economic impact from the first US$3 billion OnDeck lent to small businesses. The report estimates that those loans powered US$11 billion in business activity and created 74,000 jobs nationwide.  In 2018, OnDeck announced it had provided small businesses more than US$10 billion in capital.
  • In May of 2018, a report on small business online lending in the United States revealed that OnDeck and four other small business lending platforms funded nearly US$10 billion in online loans from 2015 to 2017, generating US$37.7 billion in gross output and creating 358,911 jobs and US$12.6 billion in wages in U.S. communities. The upsurge in online lending is filling a critical financing gap for small businesses across industries, according to NDP Analytics, a Washington, D.C.-based economic research firm. See the NDP Report here:


OnDeck Company Timeline




1U.S. Bureau of Labor Statistics. 2017. “Business Employment Dynamics.” U.S. Department of Labor. (accessed April 2018).

2U.S. Small Business Administration Office of Advocacy. 2018. “United States Small Business Profile, 2018.”

3Federal Reserve Bank. 2018. “2017 Small Business Credit Survey: Report on Employer Firms.”

4Mills, Karen Gordon and Brayden McCarthy. 2014. “The State of Small Business Lending: Credit Access During the Recovery and How Technology May Change the Game.” Working Paper 15-004. Harvard Business School.


About OnDeck

OnDeck (NYSE: ONDK) is the leader in transparent and responsible online lending to small business. Founded in 2006, the company pioneered the use of data analytics and technology to make real-time lending decisions and deliver capital rapidly to small businesses.  Today, OnDeck offers a wide range of online term loans and lines of credit customized for the needs of small business owners.  It also offers a comprehensive technology and services platform that facilitates online lending to small business customers at some of the world’s largest banks. OnDeck has provided over US$10 billion in loans to customers in 700 different industries across the United States, Canada and Australia. The company has an A+ rating with the Better Business Bureau and is rated 5 stars by Trustpilot. For more information, visit


OnDeck, the OnDeck logo, OnDeck Score and OnDeck Marketplace are trademarks of On Deck Capital, Inc.


For more information, please contact:

Sue Morey

OnDeck Australia
+61 409 746 385


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